How to Transfer Money from Italy to UK (clear and helpful advice)

I’ll explain how you can transfer money from Italy to the UK in four basic steps.

The main thing is to avoid paying high bank charges along the way.

Alternatively, if you’re looking to transfer money to Italy from the UK, click through for information on that money transfer.

How to transfer money from Italy to the UK (in 4 basic steps)

Step 1 – Identity check

Financial regulations require an ID check for all new customers. This only has to be done once.

Most people can be verified using standard information such as passport number, date of birth, and address. It is generally a quick and easy process.

Step 2 – Lock in an exchange rate

To move money from Italy to the UK, you need to lock in a Euro to Pound exchange rate.

The rate changes every few seconds throughout the day – so getting a good rate can make a big difference to the number of Pounds you receive for your Euros.

A bank or money transfer specialist can provide you with their latest rates – but be aware there are no standard rates – they will vary depending on who you use.

Once you have received a quote if you are happy to go ahead, the rate agreed is locked in, and you will be emailed a confirmation with all the details.

Step 3 – Send in your Euros

Before any money is converted, you need to send in your Euros to pay for your money transfer.

Your email confirmation will include the details of where to pay your Euros.

Step 4 – Your Euros are converted into Pounds

Upon receipt of your Euros, your bank or money transfer company will convert them into Pounds and send them to the UK bank account you have requested. That’s it.

Graphic of the four step process to transfer money from Italy to the UK. Register. Get a rate. Make payment. Money is transferred.

How long does it take to send money from Italy to the UK?

Generally speaking, money transfers from Italy to the UK are fast.

It typically takes 1-3 working days for your money to arrive in the UK.

The time taken will vary because of weekends, public holidays, daily cut-off times, and the efficiency of banks.

There are daily cut-off times for international transfers. It is normally around 4 pm each day – meaning if your money arrives after that time, it will count as the next working day.

From my experience, a lot of the time is spent waiting for the receiving bank in the UK to clear the funds into your account.

All banks have their checks and internal processes when they receive funds from abroad. It’s nothing to worry about, but it can cause a delay sometimes of a day or two.

Try not to leave your transfer until the last minute if you are buying something like a property, car, or boat as you are likely to have a deadline.

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The best way to transfer money from Italy to the UK

To send money from Italy to a bank account in the United Kingdom you can use your bank or an independent money transfer service. Usually, a bank transfer is the best way to transfer your funds, it is cheaper and more secure than alternative payment methods (credit or debit card). An independent transfer provider will charge much lower fees and offer better exchange rates than your bank.

We’ve broken down the pros and cons below:

	Pros	Cons	Best for
Bank	Can use your existing account	High charges, minimal help, daily limits	Small payments, convenience
Money Transfer Specialist	Normally lower cost	Need to register first	Large or regular amounts (over €5,000)

Costs compared: banks vs. money transfer companies

Whenever you make an international money transfer there are two charges to look out for:

Transfer fees
Exchange rates

The transfer fee is the more visible cost; however, the exchange rate cost tends to be of greater importance.

1. Transfer fees

Transfer fees tend to be a simple, flat fee that is charged for every international transfer you carry out.

Banks tend to charge them, but some money transfer companies do not.

The big Italian banks don’t make it easy to find out what transfer fees they charge.

Despite UniCredit and Banca Intesa having a Schedule of Tariffs that runs for 20+ pages, it seems to vary depending on the type of account you have. Not very helpful (or transparent).

That will tend to bite more for smaller or regular money transfers.

Banks also tend to charge more for priority transfers, as opposed to standard transfers. It’s just a way to extract another fee.

Most people don’t like paying fees, so if you want to avoid transfer fees, I suggest you use a money transfer specialist.

2. Exchange Rates

There is no such thing as standard exchange rates.

Every bank or money transfer company has its exchange rates, which is why it is important to shop around.

Banks typically offer some of the worst exchange rates in the market.

My reasoning is they rely on customers who don’t know they can go elsewhere.

That’s very high, in my opinion.

I would suggest you try a money transfer specialist and compare the costs.

I have no issue with the Italian banks, but I can tell looking at their websites that foreign exchange is well down their list of priorities. It hardly gets a mention as a service.

In contrast, foreign exchange is the core service of a money transfer specialist.

And as a money transfer specialist has far lower overheads than the big banks, they can undercut them on margin and provide much better exchange rates.

The Euro to Pound exchange rate moves every few seconds, so you want to be comparing apples with apples.

Is there a limit on money transfers from Italy to the UK?

There are no legal restrictions on transferring money from Italy to the United Kingdom.

Italy has no foreign exchange controls – it’s part of the EU’s rules.

However, most of the big Italian banks impose daily limits for international money transfers even though they are not legally required to.

For example; Banca Intesa has a €50,000 daily limit for international transfers.

UniCredit doesn’t publish its daily limit, but it is likely to be at a similar level as the big banks tend to copy each other.

For larger money transfers, a daily limit can cause frustration. It costs you more in fees and takes up more time and hassle to get your transfer done.

Money transfer specialists don’t tend to have any daily limits.

If you are planning to transfer a large amount of money from Italy to the UK, you are best off using a money transfer specialist as it will be easier and more efficient.

Is it safe to use a money transfer specialist?

If you haven’t used a money transfer company before, you might be wondering about the safety and security measures in place.

The key thing to look out for is whether a money transfer company is Authorised and Regulated by the Financial Conduct Authority (FCA) – the UK’s financial services regulator.

Why? Because companies are Authorised by the FCA are required to keep all client funds in safeguarded accounts which are kept separately from any company funds.

So when you use an Authorised money transfer company, your money passes through a bank account designated only for client funds and is not co-mingled with any company money.

To find out if a money transfer specialist is authorised and regulated, just enter the company’s name on the FCA register and click on the button to the right that says Search the Register.

Beware of ‘fake’ online exchange rates

A lot of the exchange rates you see online are ‘teaser rates’ designed to generate clicks.

By that I mean they are not available to customers.

They are essentially wholesale rates used by banks trading between themselves.

It can be tricky for a customer to navigate their way through the smoke and mirrors of comparison sites and free forex websites.

While the internet is a great source of information, it is also a great source of misinformation.

The truth is usually buried in a cleverly worded disclaimer.

If you want a genuine exchange rate so you can budget your money effectively, I would suggest getting a quote from an actual provider of foreign exchange.

How to get the best EUR/GBP exchange rate

When transferring money from Italy to the UK, achieving a good Euro to Pound exchange rate is important.

Even small, fractional moves in the rate can make a big financial difference.

For example, if you were transferring say €50,000, even a tiny 2% improvement in the exchange rate could save you €1,000.

Swings of that size happen frequently – sometimes even within a single day.

Those 2% moves, even within a day, are easier to see on a live chart than in a single quoted rate.

This data uses the mid-market rate. For an exchange rate on your money transfer, please get a transfer quote.

Use the buttons to see whether today’s euro to pound rate looks better or worse than it has over the past day, month, or year.

For someone unfamiliar with currency markets, it can be difficult to know when it’s a good time to exchange your money. A money transfer specialist can help you with this.

Some money transfer specialists, such as ourselves, can keep an eye on fluctuations in the rate for you.

This kind of service has become increasingly rare.

There are many online-only operators, such as PayPal, Wise, and Revolut, which offer “do-it-yourself” platforms or apps.

You have to enter all the information, press all the buttons, and make all the decisions.

They tend to be popular for micropayments and e-commerce merchants.

For larger international money transfers, many customers want the peace of mind of having someone that can offer expertise and a helping hand.

If the EUR to GBP rate moves in your favour or begins to go the wrong way, a money transfer specialist can alert you to opportunities or risks as they arise.

Getting some guidance on exchange rates could help optimise the timing of your transfer and ultimately, reduce your costs.